New Hampshire CDFA News Release

CDFA Issues $500k Block Grant to Help Strafford Co YMCA

Tue, 21 Feb 2012 00:00:00 EST

Funding will create 21 new jobs, benefit low-to-moderate income families

(Concord, NH) The NH Community Development Finance Authority (CDFA) has approved the award of $500,000 to support the relocation and expansion of the Strafford County YMCA in Rochester and create 21 new jobs.

The Community Development Block Grant is awarded to Strafford County on behalf of the Strafford Economic Development Corporation (SEDC). The organization will loan the money to the YMCA for working capital to benefit its recent move to Industrial Way in Rochester. The new facility is a full-service family wellness center which includes 3 large preschool classrooms for 60 children, kid’s gymnasium, a large community wellness center and exercise studio, a teen center and family center.

“While many people associate the YMCA with recreation, the organization plays a critical role in the lives of many low-to-moderate income families,” said Kevin Flynn, CDFA Communications Director. “They provide programs of health and wellness that would otherwise be unavailable. They provide low-cost childcare, removing a barrier for getting many parents back in the workforce and off of public assistance. And the new Y is creating 21 new positions with good wages and benefits, most of which are available for low-to-moderate income residents.”

The CDBG award is one part of a larger $1.7 million financing package to facilitate the YMCA’s move and expansion. CDFA has already awarded the Strafford County YMCA $500,000 in tax credits through its Community Investment Tax Credit program. Businesses that support the Y’s project receive a 75% state business tax credit against their donation.

The Community Development Block Grant now awaits final confirmation from the Executive Council. The CDBG program funds provide housing and create jobs primarily for low- and moderate-income people. Funds are provided to the state of New Hampshire by the US Department of Housing and Urban Development, and administered by CDFA. Each project is evaluated on several criteria, including impact on low- and moderate-income residents and the acquisition of matching funding.

About CDFA:

CDFA supports the development of vibrant and resilient communities by providing resources for community development efforts. CDFA, created by the Legislature in 1983, is a nonprofit public instrumentality of the State of New Hampshire. CDFA administers nearly $57 million in funding resources, which includes a combination of state tax credits and federal Community Development Block Grant, Neighborhood Stabilization, and Energy Reduction Funds. For more information about CDFA and its programs visit www.nhcdfa.org or call 603-226-2170.

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CDFA Issues $360k Block Grant to Help Start-up in Bethlehem

Wed, 25 Jan 2012 00:00:00 EST

Sovereign Journey will bring 19 new jobs, help with local economic development

(Concord, NH) The NH Community Development Finance Authority (CDFA) has approved the issuance of a $360,000 Community Development Block Grant (CDBG) to aid a start-up company in Bethlehem. Sovereign Journey, a therapeutic residential program for young women, will be given a low-cost loan to acquire real estate, develop working capital, and create 19 new jobs.

“The addition of this new business to the downtown area of Bethlehem is a very positive activity that will create good jobs, generate new business for downtown merchants, and provide an important social service,” said Kevin Flynn, Communications Director for the CDFA. “At least fourteen of the new jobs will be available to residents of low-to-moderate income, and will provide competitive pay and many benefits. That’s great news for the North Country.”

Once opened, Sovereign Journey will care for women of 18 and 24 who exhibit mood disorders, anxiety, trauma, negative body image, relationship difficulties, and school failure. The goal is to treat the students and return them to society as independent, functioning adults. Its founder, Dr. Karen Fitzhugh, has extensive experience in the operation of therapeutic boarding schools.

Bethlehem will subgrant their block grant to the Grafton County Economic Development Council (GCEDC), which will loan the money to the business. When Sovereign Journey pays back the loan to GCEDC, the proceeds will go into a revolving loan fund for area businesses. The CDBG award is part of a $1.2m financing plan to bring the facility to Bethlehem’s Main Street. The rest of the financing comes from banks, owner equity, and private investors. The grant awaits final confirmation from the Executive Council.

“Without the gap financing made possible by the CDBG loan, Sovereign Journey would not be able to open in New Hampshire,” said Flynn. “Due to the fact that this is a start-up business, traditional bank financing was not available to cover all costs related to establishing and ramping up the business.”

The CDBG program funds provide housing and create jobs primarily for low- and moderate-income people. Funds are provided to the state of New Hampshire by the US Department of Housing and Urban Development, and administered by CDFA. Each project is evaluated on several criteria, including impact on low- and moderate-income residents and the acquisition of matching funding.

About CDFA:

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CDFA to Hold Tax Credit Application Workshop

Thu, 12 Jan 2012 00:00:00 EST

Participants discuss their proposed projects with CDFA staff at a recent tax credit workshop.

Seminars will help nonprofits receive up to $6 million in credits to assist fundraising

(Concord, NH) The NH Community Development Finance Authority (CDFA) will be conducting Application Writing Workshops for the Investment Tax Credit in Meredith on February 1 and in Concord on February 9. Nonprofits could be awarded up to $6 million in state fiscal years 2013-2014 to benefit community development projects.

“Nonprofits are able to exchange the state tax credits with local businesses that donate to their community development projects. In return, the businesses get a credit against their state business taxes worth 75% of their donation,” said Kevin Flynn, CDFA Communications Director.

The all-days workshops will be held in two locations. The first is February 1 at Church Landing in Meredith; the second will be February 9 at the NH Audubon Center in Concord. Both workshops are free and lunch is included, but registration is required. Participants will learn how the tax credit works, what kinds of projects score best, and how to apply online. CDFA staff will also meet one-on-one with groups attending to discuss their proposals and how to prepare them for submission.

Previous tax credit projects have focused on job creation/retention, affordable housing, and community revitalization efforts. Recent projects include the OutFITters Boutique in Concord, the Monadnock Food Co-op in Keene, 3S Artspace in Portsmouth, the Enterprise Center at Plymouth, and the Tillotson Center in Colebrook.

“The tax credit program continues to be one of the most effective community development initiatives in the nation. Last year, CDFA-awarded projected leveraged more than $28 for every dollar invested by NH businesses.” said Flynn.

The deadline for nonprofits to submit a tax credit application is Friday, April 20, 2012. The CDFA Board of Directors will select awardees in mid-July.

To register for the workshop, go to NHCDFA.org and click on EVENTS. To request additional information, please email tupstill@nhcdfa.org or call 603-226-2170. Space is limited; please RSVP.

About CDFA:

CDFA supports the development of vibrant and resilient communities by providing resources for community development efforts. CDFA, created by the Legislature in 1983, is a nonprofit public instrumentality of the State of New Hampshire. CDFA administers nearly $40 million in funding resources, which includes a combination of state tax credits and federal Community Development Block Grant, Neighborhood Stabilization, and Energy Reduction Funds. For more information about CDFA and its programs visit www.nhcdfa.org or call 603-226-2170.

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CDFA Issues $500k to Help Manufacturer Relocate to New Hampshire

Tue, 29 Nov 2011 00:00:00 EST

Award part of $1m package to bring Samson Mfg to Keene, create twenty-five new jobs

(Concord, NH) The NH Community Development Finance Authority (CDFA) has approved an award of $500,000 to help a Massachusetts firearm-accessories manufacturer relocate to Keene and expand its current workforce by twenty-five new positions.

The Community Development Block Grant is awarded to Cheshire County on behalf of the Monadnock Economic Development Corporation (MEDC). The organization will use part of the grant to make industrial renovations at the Black Brook corporate park and will loan the rest to Samson for purchase of new equipment.

“This is a successful company that was looking for a business-friendly location and found one in Cheshire County,” said Kevin Flynn, CDFA Communications Director. “The move will allow Samson to expand its production capabilities and add 25 new jobs to its rolls. They’ve committed to provide at least 21 of those positions to people from low-to-moderate income households.”

Samson Manufacturing was founded in 1994 as a machine shop operating out of a small garage. The company, currently located in Whately, MA, specializes in machine work and weapons accessories. Company founder Scott Samson told the CDBG Advisory Board that New Hampshire offered a welcoming atmosphere for his growing company. He said that representatives from US Senator Kelly Ayotte’s staff were most encouraging and helpful with their decision to move to Keene.

The cost of moving Samson MFG to the 20,000 square-foot space at Black Brook North is $1 million. To convert the workspace from a former paper-processing operation to a high-tech industrial facility, MEDC will spend $290,000 of the CDBG grant on upgrades. The CDBG loan of $180,000 to Samson MFG is a 15-year amortization with a seven-year balloon payment; interest is fixed at five percent. Repayments to MEDC will go into their revolving loan pool for economic development.

In addition to CDBG money, other funding sources include business equity and vendor financing, and an Intermediary Relending Program (IRP) loan from MEDC. The grant awaits final confirmation from the Executive Council.

About CDFA:

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CDFA Issues $4m in Block Grants to NH Communities

Tue, 25 Oct 2011 00:00:00 EDT

(Concord, NH) The NH Community Development Finance Authority has approved nearly $4 million in Community Development Block Grants for eight cities, towns, and counties. The funds will finance affordable housing efforts, as well as pay for much-needed infrastructure upgrades of public facilities. As some of these projects are still contingent upon matching funding, the CDBG Advisory Board has approved a further $1 million in requests in case additional grant money is freed up.

“These are great projects – from Keene to Berlin – that could not be completed without supplemental funding from the federal Community Development Block Grant program,” said CDFA Communications Director Kevin Flynn. “All of these projects have demonstrated they will positively impact the lives of low-to-moderate income residents in those communities. CDBG continues to be regarded as the most successful domestic program ever authorized by the President and Congress.”

The CDBG Advisory Board for CDFA approves Housing and Public Facilities awards twice a year. Economic Development grants are approved on a rolling basis. The block grant awards to counties and municipalities include:

A $500,000 grant to Cheshire County for Brookbend East. This is the second phase of a $7.8 million project that will ultimately demolish and rebuild 75 units of affordable rental housing in Keene. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.
A grant to the town of Marlborough in the amount of $500,000 for Marlborough Homes. The $4.8 million plan will create 24 new income-assisted units for residents over the age of 55. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.
A $225,162 grant to the town of Winchester for the Winchester Learning Center. The grant would rehabilitate an abandoned building to give the Learning Center a new 5,520 square foot facility, nearly doubling the amount of children for which they can care to 60.
$500,000 in grant funds to the city of Berlin for rehabilitation of the Brookside Park Apartments. The Community Development Block Grant would supplement $4.9 million in energy efficiencies and physical improvements to the 120-unit affordable housing complex. This award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.
A $500,000 award to Coös County for development of Notre Dame Senior Housing in Berlin. The funds would be part of $7.8 million package to renovate the abandoned Notre Dame School and make 33 units of elderly housing. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.
A grant in the amount of $500,000 to the city of Lebanon for Rivermere Community Housing. The $5 million project to be built near downtown should help ease the waiting list for affordable housing within Lebanon. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.
A $500,000 public facilities award to the town of Exeter for infrastructure improvements at the Exeter-Hampton Cooperative. The manufactured housing community is in urgent need of $1.2 million in water and sewer pipe upgrades. Left unrepaired, the broken pipes pose a risk of water contamination to the residents.
A public facilities grant of $500,000 to the city of Laconia to help fund the relocation of Lakes Region Community Services. The agency, which serves 1,200 area residents, is moving to the old federal building on North Main Street. CDFA has already awarded $956,250 in CDIP Tax Credits and $625,000 in an Enterprise Energy Fund loan to finance the $2.1 million project.
A CDBG award for $238,957 to the city of Franklin on behalf of Tiny Twisters Child Care Center. The organization had been operating out of Franklin High School where it began as a free childcare service to students. The grant will help rehabilitate space at the newly-closed Betsy Rowell School Tiny Twisters will relocate when their lease expires in June 2012.

These awards will now go to the Executive Council for confirmation. If some of the projects fail to acquire Low Income Housing Tax Credits, they’ll have insufficient funds to proceed. If so, pre-approved CDBG projects in Amherst, Manchester, and Bristol may receive funding.

About CDFA:

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(Concord, NH) The NH Community Development Finance Authority has approved nearly $4 million in Community Development Block Grants for eight cities, towns, and counties. The funds will finance affordable housing efforts, as well as pay for much-needed infrastructure upgrades of public facilities. As some of these projects are still contingent upon matching funding, the CDBG Advisory Board has approved a further $1 million in requests in case additional grant money is freed up.

· A $500,000 grant to Cheshire County for Brookbend East. This is the second phase of a $7.8 million project that will ultimately demolish and rebuild 75 units of affordable rental housing in Keene. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.

· A grant to the town of Marlborough in the amount of $500,000 for Marlborough Homes. The $4.8 million plan will create 24 new income-assisted units for residents over the age of 55. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.

· A $225,162 grant to the town of Winchester for the Winchester Learning Center. The grant would rehabilitate an abandoned building to give the Learning Center a new 5,520 square foot facility, nearly doubling the amount of children for which they can care to 60.

· $500,000 in grant funds to the city of Berlin for rehabilitation of the Brookside Park Apartments. The Community Development Block Grant would supplement $4.9 million in energy efficiencies and physical improvements to the 120-unit affordable housing complex. This award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.

· A $500,000 award to Coös County for development of Notre Dame Senior Housing in Berlin. The funds would be part of $7.8 million package to renovate the abandoned Notre Dame School and make 33 units of elderly housing. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.

· A grant in the amount of $500,000 to the city of Lebanon for Rivermere Community Housing. The $5 million project to be built near downtown should help ease the waiting list for affordable housing within Lebanon. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.

· A $500,000 public facilities award to the town of Exeter for infrastructure improvements at the Exeter-Hampton Cooperative. The manufactured housing community is in urgent need of $1.2 million in water and sewer pipe upgrades. Left unrepaired, the broken pipes pose a risk of water contamination to the residents.

· A public facilities grant of $500,000 to the city of Laconia to help fund the relocation of Lakes Region Community Services. The agency, which serves 1,200 area residents, is moving to the old federal building on North Main Street. CDFA has already awarded $956,250 in CDIP Tax Credits and $625,000 in an Enterprise Energy Fund loan to finance the $2.1 million project.

· A CDBG award for $238,957 to the city of Franklin on behalf of Tiny Twisters Child Care Center. The organization had been operating out of Franklin High School where it began as a free childcare service to students. The grant will help rehabilitate space at the newly-closed Betsy Rowell School Tiny Twisters will relocate when their lease expires in June 2012.

About CDFA:

CDFA supports the development of vibrant and resilient communities by providing resources for co

• A $500,000 grant to Cheshire County for Brookbend East. This is the second phase of a $7.8 million project that will ultimately demolish and rebuild 75 units of affordable rental housing in Keene. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.

• A grant to the town of Marlborough in the amount of $500,000 for Marlborough Homes. The $4.8 million plan will create 24 new income-assisted units for residents over the age of 55. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.

• A $225,162 grant to the town of Winchester for the Winchester Learning Center. The grant would rehabilitate an abandoned building to give the Learning Center a new 5,520 square foot facility, nearly doubling the amount of children for which they can care to 60.

• $500,000 in grant funds to the city of Berlin for rehabilitation of the Brookside Park Apartments. The Community Development Block Grant would supplement $4.9 million in energy efficiencies and physical improvements to the 120-unit affordable housing complex. This award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.

• A $500,000 award to Coös County for development of Notre Dame Senior Housing in Berlin. The funds would be part of $7.8 million package to renovate the abandoned Notre Dame School and make 33 units of elderly housing. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.

• A grant in the amount of $500,000 to the city of Lebanon for Rivermere Community Housing. The $5 million project to be built near downtown should help ease the waiting list for affordable housing within Lebanon. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.

• A $500,000 public facilities award to the town of Exeter for infrastructure improvements at the Exeter-Hampton Cooperative. The manufactured housing community is in urgent need of $1.2 million in water and sewer pipe upgrades. Left unrepaired, the broken pipes pose a risk of water contamination to the residents.

• A public facilities grant of $500,000 to the city of Laconia to help fund the relocation of Lakes Region Community Services. The agency, which serves 1,200 area residents, is moving to the old federal building on North Main Street. CDFA has already awarded $956,250 in CDIP Tax Credits and $625,000 in an Enterprise Energy Fund loan to finance the $2.1 million project.

• A CDBG award for $238,957 to the city of Franklin on behalf of Tiny Twisters Child Care Center. The organization had been operating out of Franklin High School where it began as a free childcare service to students. The grant will help rehabilitate space at the newly-closed Betsy Rowell School Tiny Twisters will relocate when their lease expires in June 2012.

About CDFA:

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mmunity

A $500,000 grant to Cheshire County for Brookbend East. This is the second phase of a $7.8 million project that will ultimately demolish and rebuild 75 units of affordable rental housing in Keene. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.
A grant to the town of Marlborough in the amount of $500,000 for Marlborough Homes. The $4.8 million plan will create 24 new income-assisted units for residents over the age of 55. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.
A $225,162 grant to the town of Winchester for the Winchester Learning Center. The grant would rehabilitate an abandoned building to give the Learning Center a new 5,520 square foot facility, nearly doubling the amount of children for which they can care to 60.
$500,000 in grant funds to the city of Berlin for rehabilitation of the Brookside Park Apartments. The Community Development Block Grant would supplement $4.9 million in energy efficiencies and physical improvements to the 120-unit affordable housing complex. This award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.
A $500,000 award to Coös County for development of Notre Dame Senior Housing in Berlin. The funds would be part of $7.8 million package to renovate the abandoned Notre Dame School and make 33 units of elderly housing. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.
A grant in the amount of $500,000 to the city of Lebanon for Rivermere Community Housing. The $5 million project to be built near downtown should help ease the waiting list for affordable housing within Lebanon. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.
A $500,000 public facilities award to the town of Exeter for infrastructure improvements at the Exeter-Hampton Cooperative. The manufactured housing community is in urgent need of $1.2 million in water and sewer pipe upgrades. Left unrepaired, the broken pipes pose a risk of water contamination to the residents.
A public facilities grant of $500,000 to the city of Laconia to help fund the relocation of Lakes Region Community Services. The agency, which serves 1,200 area residents, is moving to the old federal building on North Main Street. CDFA has already awarded $956,250 in CDIP Tax Credits and $625,000 in an Enterprise Energy Fund loan to finance the $2.1 million project.
A CDBG award for $238,957 to the city of Franklin on behalf of Tiny Twisters Child Care Center. The organization had been operating out of Franklin High School where it began as a free childcare service to students. The grant will help rehabilitate space at the newly-closed Betsy Rowell School Tiny Twisters will relocate when their lease expires in June 2012.

About CDFA:

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A $500,000 grant to Cheshire County for Brookbend East. This is the second phase of a $7.8 million project that will ultimately demolish and rebuild 75 units of affordable rental housing in Keene. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.
A grant to the town of Marlborough in the amount of $500,000 for Marlborough Homes. The $4.8 million plan will create 24 new income-assisted units for residents over the age of 55. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.
A $225,162 grant to the town of Winchester for the Winchester Learning Center. The grant would rehabilitate an abandoned building to give the Learning Center a new 5,520 square foot facility, nearly doubling the amount of children for which they can care to 60.
$500,000 in grant funds to the city of Berlin for rehabilitation of the Brookside Park Apartments. The Community Development Block Grant would supplement $4.9 million in energy efficiencies and physical improvements to the 120-unit affordable housing complex. This award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.
A $500,000 award to Coös County for development of Notre Dame Senior Housing in Berlin. The funds would be part of $7.8 million package to renovate the abandoned Notre Dame School and make 33 units of elderly housing. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.
A grant in the amount of $500,000 to the city of Lebanon for Rivermere Community Housing. The $5 million project to be built near downtown should help ease the waiting list for affordable housing within Lebanon. The CDBG award is contingent upon approval of Low Income Housing Tax Credits from NH Housing Finance.
A $500,000 public facilities award to the town of Exeter for infrastructure improvements at the Exeter-Hampton Cooperative. The manufactured housing community is in urgent need of $1.2 million in water and sewer pipe upgrades. Left unrepaired, the broken pipes pose a risk of water contamination to the residents.
A public facilities grant of $500,000 to the city of Laconia to help fund the relocation of Lakes Region Community Services. The agency, which serves 1,200 area residents, is moving to the old federal building on North Main Street. CDFA has already awarded $956,250 in CDIP Tax Credits and $625,000 in an Enterprise Energy Fund loan to finance the $2.1 million project.
A CDBG award for $238,957 to the city of Franklin on behalf of Tiny Twisters Child Care Center. The organization had been operating out of Franklin High School where it began as a free childcare service to students. The grant will help rehabilitate space at the newly-closed Betsy Rowell School Tiny Twisters will relocate when their lease expires in June 2012.

About CDFA:

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development efforts. CDFA, created by the Legislature in 1983, is a nonprofit public instrumentality of the State of New Hampshire. CDFA administers nearly $57 million in funding resources, which includes a combination of state tax credits and federal Community Development Block Grant, Neighborhood Stabilization, and Energy Reduction Funds. For more information about CDFA and its programs visit www.nhcdfa.org or call 603-226-2170.

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